A New York-based investment firm purchased 10 Rutgers Street for $59 million in an off-market transaction.
Arbor Management Acquisition Company, also known as AMAC, bought the eight-story mixed-use building from Hudson Companies.
Built in 1999, the building has a mix of studios as well as one- and two-bedroom apartments and seven ground-floor retail spaces. Across the street from Seward Park, the property lies near the border between the Lower East Side and the Two Bridges neighborhood.
“This transaction presented an attractive opportunity to acquire a corner mixed-use property in a rapidly changing neighborhood with fantastic subway access,” AMAC founding principal Maurice Kaufman said. “Value-add investments in this submarket with this quality and scale are unique.”
AMAC, which was formed in 2012, plans on renovating the apartments, common areas and on-site amenities, which include a doorman, gym, landscaped garden and bike room.
No brokers were involved in the direct deal transaction.